Collective Impact Projects Benefit Nonprofit Organizations
Your nonprofit doesn’t have to tackle big, complicated social challenges alone. Collective impact initiatives bring charities, businesses, and communities together. Here’s how.
When a formal opinion that accompanies a full audit is not necessary, but you need specific aspects of your financial data or business operations examined by a CPA, you likely need an agreed-upon procedure (AUP) report. Lumsden McCormick will issue an accountant’s report of findings based on specific agreed-upon procedures applied to subject matter for use by specific parties.
Ensuring the objectivity and integrity of your internal procedures.
Although the American Institute of Certified Public Accountants regulates both audits and AUP engagements, the nature of these services are different. An AUP report is beneficial when you have a specific concern about the financial or operational aspects of your business. Examples include:
Working collaboratively with you, we will determine in advance the scope of the engagement including specific tests and reporting methodology. Lumsden McCormick will provide valuable insight targeting high-risk areas and closely examine financial results to identify specific problems that require immediate attention and assist with getting your accounting records back on track.
For more information about how an agreed-upon procedure report can be beneficial, contact a Lumsden McCormick service leader or complete the form below.
The executive branch is looking to increase revenue for the IRS. Translation: expect to see an increase in the number of IRS audits being performed, including industries not traditionally targeted.Learn More
The accounting for leases is changing significantly. The required implementation of FASB ASC 842 will mandate that most leases are included on the balance sheet as a right-of-use asset, with a corresponding lease liability. The new standard will impact nearly all commercial businesses and nonprofit organizations and is effective for annual reporting periods beginning after December 15, 2021.Learn More